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How Do I Remove a Person From a Mortgage in Nottingham?

Specialist Mortgage Advice Nottingham

Removing a name from a mortgage

Taking someone’s name off a mortgage isn’t as easy as it sounds. Whether the process is down to a break-up, marital or otherwise, leaving a joint ownership, or a rare case where you maybe would rather the mortgage just be in one name afterall, it’s a complicated process.

Our dedicated and hard working Mortgage Advisors in Nottingham are readily available to help you out, utilising their experience of working within the industry to support those who are going through a financial separation.

Why would you want to remove a name from a mortgage?

Divorce & Separation

The most common instance of someone wanting to remove a name from a mortgage would be if a couple were tied to the mortgage but are getting divorced/separating. During a breakup, financial commitments aren’t usually at the forefront of your mind, when they should really be the primary thing you address.

When left until last, sorting this out can cause you a lot of added unnecessary stress that could’ve been avoided. You need to bear in mind that the different companies you’re financially tied to, such as your mortgage lender, will need time to process everything on their end, so you’ll need to give it time and be patient.

Your mortgage lender will need to have complete confidence that both parties will be able to afford a comfortable life with only one income to draw from. If one of you is remaining in the property, they need to know that you can keep up your monthly mortgage repayments by yourself.

Both parties will need to come to an agreement to take off a name from the mortgage. This means that if one party disagrees, you’ll have to resort to going through court proceedings, which can cost you a lot of money, take a lot of time and bring forward avoidable negativity.

If you’re working through a difficult divorce or separation, you’ll definitely benefit from specialist Mortgage Advice in Nottingham. We’ll be on hand to help you sort out your mortgage.

Transferring to a Family Member or Friend

It may surprise you to find out, but this kind of process is actually a lot more straightforward than you would think, especially when utilising the help of an experienced Mortgage Broker in Nottingham.

Doing this will involve the homeowner transferring equity to whomever they wish, be it a family member or a friend. This just means that the mortgage will get transferred with the equity still inside of the home. The new owner of the home will have to pass the lender’s eligibility and affordability checks.

A Party is Not Paying Their Share

If a member of the party isn’t holding up their end of the deal, the financial association to them can cause you problems too. Through our work as a Mortgage Broker in Nottingham, we’ve seen this happen often. It usually happens if some of the party have fallen out.

One person missing their bills, may affect you also. When signing up for a mortgage with multiple names, you’re putting your trust in their ability to keep up their payments. Their missed payments can have an adverse effect on your credit score too.

On the off chance you find yourself in this situation, it may be best if you get in touch with your lender. Alternatively, you may benefit from having a chat with a Mortgage Advisor in Nottingham to see what you can do before the problem gets worse.

How easy is it to remove a name from a mortgage?

View your current situation as if you were the lender. It may be clear that you can afford to keep up your monthly payments and have a good track record, but you’re still asking the lender to trust one income rather than the two (or more if it’s a joint mortgage) that they had originally.

To improve the security of their finances, a mortgage lender would prefer to keep both names on the mortgage if they can. This allows them to have a safety net for if mortgage arrears or more seriously repossession occurred, as they could chase two parties for a payment. Of course their chances of being paid are reduced if there is only one party.

Removing of a party all depends on affordability. If you would like the home to be in your name, without your ex-partner or housemate, you’ll have to go through all the criteria checks that you would’ve initially, to prove you are able to afford the monthly repayments by yourself.

This may not be possible for all situations and depends on the lender. It’s situations like this where you may benefit the most from taking on the services of a trusted Mortgage Broker in Nottingham.

When speaking to an advisor, you may find that it is more appropriate to switch mortgage lenders for a better deal in your sole name, in the hopes that it may ease any ongoing problems.

Our Specialist Mortgage Advice in Nottingham will hopefully be able to alleviate some of your stress. Feel free to contact our team today and we’ll see how we can help you with your situation.

Trusted Mortgage Advice in Nottingham

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